Topic: [2021-01-20] Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin (Read 677 times)

settlement reached in NY

https://twitter.com/Tether_to/status/1364197571300913153

Tether & @Bitfinex have reached a settlement with @NewYorkStateAG
After 2.5 years and 2.5M pages of info shared, we admit to no wrongdoing and will pay US$18.5M to resolve this matter. 1/3
1:57 PM · 23 feb. 2021·Twitter Web App

Bad signal for the market at first sight. On the other hand, judging by the behavior of the bitcoin price in recent years, the market does not pay attention to such a trifle as "the attitude of the candidate for the post of the US Treasury Secretary." The rally continues investors bring money - as long as everyone is happy. Where the bottom will be and at what point the market will turn around with the next such "expert opinion" is the main question of interest.

For states, the reduction in bitcoin will only play into the hands.  All this is because if the population of the country receives additional income in unofficial places, then taxes will not increase accordingly, and maybe even decrease, because people will not have to pay taxes if they are unemployed

@Vishnu.Reang. I reckon government might shutdown Tether similar to their takedown on Liberty Reserve. It would be money laundering and RICO cases on the people involved. This is their only way to stop bitcoin’s bull market and their excuse to impose stricter regulations.

I speculate that Bitfinex might not be the only exchange involved.



May 28, 2013— -- Internet bank Liberty Reserve is being charged with laundering $6 billion in suspected crime proceeds, including the illegal profits from credit card fraud, identity theft, investment fraud, computer hacking, child pornography and narcotics trafficking.

Source https://abcnews.go.com/US/black-market-bank-accused-laundering-6b-criminal-proceeds/story?id=19275887

Have to agree with this. The growth in the market cap of Tether right now is really confusing for me, because hardly anyone I personally know are keeping their money in USDT. Most of these people converted back to BTC or ETH, as soon as the bull run started. So who is holding USDT right now? I just hope that if USDT collapses, then the SEC and FinCen won't use it as an excuse against greater regulation for Bitcoin.

Now coming back to Yellen, there was a statement from her three days back. In her statement, she claimed that "misuse" of Bitcoin is a "growing problem" and stricter regulations are needed to prevent it. She also said that the Blockchain technology shows a lot of promise. It is the same strategy from all these politicians. They are trying to paint cryptocurrency as something evil, and at the same time, showing a much more conciliatory stance towards Blockchain. What do they want? Ban cryptocurrencies and then promote their own CBDC shitcoin using the Blockchain?

Have fun staying poor.

If really crypto was a government trap we would have to admit that it was the best trap ever engineered by the government. Thinking of how it all started if there are some agencies behind it, I would be so amused.
We have no certainty but I can't really see the government involved in this. It would have too subtle for them.

I still cannot decide if the government really like crypto or not tbh. I was thinking about the same stuff 5 years ago still not much changed. Crypto very well could be a government trap. Do you know who satoshi is? Nobody does.

It is human nature to be afraid of what is unknown and i am afraid of crypto.

They say crypto is going to replace physical FIAT and everything will be digital. Who the fck would believe that is a good thing? Physical FIAT is a security feature.

edit: Again, many people here think that they are acting against the Central banks by supporting crypto. (just like the dude in the picture you posted) What if they are actually helping them without knowing? That's a good possibility imo.

@mindrust. It might also because the government cannot create a serious case to implicate and takedown tether. Bitfinex might have hired the best lawyers.

In any case, I might have determined the real reason why Janet Yellen wants to curtain bitcoin and other cryptocoins hehehehe. The bitcoin sign guy caused this!

My guess is, they are letting Tether growing because whoever allowing this scam are also scammers themselves. See the FED and their trillion after trillion money printing. The FED prints to support the stock prices, BitFinex prints to support crypto. There is no difference. One scammer won't squeeze the neck of the other fellow scammer.

Have to agree with this post. Also, the Tether market cap seems to be increasing with every passing day. I understand that Tether foundation has loaned out huge number of USDT tokens to various exchanges, but when the Bitcoin prices are going up at such a steady pace, I would have expected the Tether market cap to decline (people would be converting more of their stablecoins to cryptocurrencies). But the USDT market cap seems to be moving only in one direction. How this can happen?

It would definitely be nice to have control over bitcoins, but this is a super-known cryptocurrency that is not only difficult to control, but also to keep track of it, because more and more new users, companies, etc. are beginning to use bitcoin.

Officials are accustomed to acting in an administrative manner. Janet Yellen seems to believe that the growing acceptance of cryptocurrency by people around the world can be offset simply by an administrative order, such as an order to "cut" bitcoin. Apparently, it is very far from understanding what a cryptocurrency is. I would like to see how it will "reduce" the cryptocurrency in practice.

@mindrust. I also presented that idea. It is very possible that exchanges are given USDT as loans to be paid later. This also implies that what is presently backing the cryptospace market is debt.

If you really believe in yourself and what you see, you don't need the others approval bruh.   Good thoughts don't need that kind of shit.

You don't even need to warn people. Let the mania go free.

Also the article you shared in your topic, (crypto-anon 2021) I was seeing its link a lot lately but never bothered to read till today. I mean what else it could tell me that I didn't know already? and I was right, Even though I didn't catch anything wrong in that article and it  is pretty much saying what most anti-tether people saying for months or years.

Nearly all trading volume of crypto is coming from tether. Nobody is trading their US dollars (or Euros or Pounds etc) for crypto. (I have been telling this a lot lately way before that article)

There is especially one thing I liked in that article however, it is that it says every time you sell your tethers for real FIAT and withdraw, you force Tether Corp to print more Tethers.

Many months ago I said something similar. I can't probably find the exact post now but I said something like this:

"What if the growing tether MC numbers isn't the amount that people buy from Finex/Tether.Corp but it is the amount Finex owes? to keep bitcoin afloat at these price levels?"

In other words that $26B MC could very well mean Bitfinex's debt to every crypto holder. Every time a new minted millionaire sells his crypto for real FIAT, they go more into debt and this will go on and on, (till it is not) I couldn't believe my eyes when the tether's MC became $9B for the first time and now it is $26B. Yeah I bet many people think it will go on forever.

What is even more worrying is when the tether goes down and burns millions of people and their life savings, there won't be a return from that. It won't be like gox. They won't let crypto be like it used to be. Maybe that's their real intention. The give the max damage to those who refuse the Gov's authority by letting Tether become a monster ponzi. I don't know all that.

Tether can collapse at any moment. But for that to happen, two factors need to overlap. From what I have heard, Tether foundation is using a lot of their reserve funds to invest in Bitcoin and other cryptocurrencies. The first factor would be triggered, if their assets return a loss for them. IMO, that is not going to happen anytime soon as the bull run is not yet finished. The second factor is related to the demand-supply equilibrium. Right now they are able to maintain the market cap at around $27 billion, because there is huge demand out there in the market. But if there is a market crash or legal action targeting USDT, then users will attempt to redeem USDT for USD. Under such circumstances, the foundation will find itself cash strapped.

Where were the 2 of you when I needed to be defended from being accused of creating FUD on tether hehehe. It also appears some of those people who are on the side of tether are telling me that tether is shady, however, its takedown will not start another bear market. How can this be? It might begin a complete government crackdown on everything in the cryptospace.

Finally I see something I can absolutely agree with. The fact that Tether is taking 70% of trading volume doesn't add the value to USDT. Tether's "value" is solely based on the trust of people using it that those billions of USDT are backed by billions of real USD, and the most important fact in this story is that Tether’s reserves have never been fully audited by an independent 3rd party.

Imo, it can collapse any moment, and if that happened, crypto market would quickly adjust to a new reality: people who love stable coins so much, would switch to other stable coins, and the smartest would switch back to good old Bitcoin pairs.

Most people you see around either sitting on too many bitcoins than what they should be hodling or they after a quick hit and run thinking they can time the markets. It is natural for you to get those responses from those people they are only defending their positions. You can safely ignore their thoughts.

The fundamentals haven't changed. Tether is a scam and it is becoming a bigger scam every day.

@mindrust. No, I agree with much of your arguments. We might agree on many things about tether, I reckon hehe. Go to my big short thread in the speculation subforum. I tried arguing every speculation of what might occur based on facts, however, some people call it FUD. I am shaking my head, why?